The company was formed on June 28, 2013, as a spin-off of the first News Corporation; its legal successor was 21st Century Fox (21CF), which held its media and entertainment assets.

[7] On June 28, 2012, Rupert Murdoch announced that News Corporation's publishing operations would be spun off to form a new, publicly traded company.

[8][9] Murdoch stated that performing this split would "unlock the true value of both companies and their distinct assets, enabling investors to benefit from the separate strategic opportunities resulting from more focused management of each division".

[8][10] Robert Thomson, then editor of The Wall Street Journal, was announced as the initial chief operating officer for the company.

[29] In October 2015, News Corp sold its digital education brand Amplify to a management team supported by a group of private investors for an undisclosed sum.

News Corp had stated that if the proposal is accepted, the new system of shares could only be introduced if agreement between voting and non-voting shareholders was reached.

[citation needed] In September 2024 Rupert Murdoch applied to a Nevada probate court to remove voting rights from his children other than Lachlan, as set out in the irrevocable family trust.

[41] On December 9, 2024, The New York Times reported that the court had ruled against Rupert and Lachlan Murdoch, who, the probate commissioner wrote, had acted in bad faith when trying to change the trust.

[42][43] The company consists of the former News Corporation's newspaper and book publishing assets, together with the digital real-estate advertising properties that are now its largest business.